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Economics Review CE 11

Economics Review CE 11. Today we will review the Economic concepts we have learned thus far. Each of you will answer a question for 5 bonus points on your quiz. READY????? HERE WE GO……. This is the combining of natural, capital human and entrepreneurship resources. . Production.

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Economics Review CE 11

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  1. Economics Review CE 11

  2. Today we will review the Economic concepts we have learned thus far Each of you will answer a question for 5 bonus points on your quiz READY????? HERE WE GO……

  3. This is the combining of natural, capital human and entrepreneurship resources. Production

  4. Give two characteristics of a TRADITIONAL ECONOMY Economic decisions are based on custom People perform the same work as their parents and grandparents

  5. This is the amount of good or service available. Supply

  6. What are the FOUR economic systems? Traditional Free Market Command Mixed

  7. This economic principle says we can not satisfy all our needs at the same time. Scarcity

  8. What are the 3 economic questions ALL societies must answer? What will be produced? Who will produce it? & For whom will it be produced?

  9. Name THREE characteristics of a FREE MARKET Private ownership of property/resources Profit Motive Competition Consumer Sovereignty Choice Minimal government involvement

  10. Why do people risk their cash and resources to start a business? To make a profit!!

  11. Name two characteristics of a COMMAND ECONOMY Central ownership by the government of ALL resources and property Centrally planned economy Lack of consumer choice

  12. In a Free Market how much is the government involved in the private sector? Very little

  13. What type of economy is the United States? And what are some of its characteristics? The United States is a MIXED economy The government is in control of the public sector Individuals are in charge of the private sector

  14. What is profit? Your earnings after all your expenses have been paid

  15. How is “price” determined? By the interaction between supply and demand

  16. This is what is given up when a choice is made Opportunity Cost

  17. What are incentives? –and give an example of one : ) Things that motivate you to buy or not buy things. Incentives are used to change economic behavior.

  18. Why is competition good in the marketplace? Competition between sellers results in better quality goods and services at lower prices

  19. The factors of production used to make things are called…. Resources

  20. In the United States economic decisions are made by who? The people AND the government

  21. In a Mixed economy who controls the Private Sector? The People

  22. This is the amount of good or service that consumers are willing to buy at a certain price Demand

  23. Joseph’s father is a cattle farmer and so was his grandfather. Joseph wants to be a computer programmer, but can’t. What kind of economy is Joseph a part of? A traditional economy

  24. Individuals must make a __________ about what goods and services they will use because goods and services are limited. choice

  25. What do we call the using up of goods and services? Consumption

  26. What do you use to study for tomorrows quiz? Your Notes #2,#3 & #4 Your SOL packet 11a, 11b & 11c

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